1-a. Prepare the Horizontal model for each of the following transactions. a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled C. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset d. At January 31 if the initial purchase had been recorded as in c. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Balance Sheet Income Statement Assets = Liabilities Stockholders Equity Net income Revenues - Exp 14 ving transactions. at the purchase was initially recorded as an expenses the paper napkins used during the first three weeks of the semester totaled $960. at the purchase was initially recorded as an asset. 2corded as in c. s with a minus sign to indicate a negative financial statement effect.) Show less Stockholders Equity Income Statement Revenues Net income Expenses Check Journal entry worksheet 2 3 4 The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Journal entry worksheet Saved Helps Journal entry worksheet Required LA Required 11 Required 2 Consider the effects that entries a and b would have on the following: a. Income statement for the month of January? b. Balance sheet at January 31? Result in Result in On January 10, 2019, the first day of the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week semester. The total cost was $4.700. Required: 1. Prepare the Horizontal model and Journal entry for each of the following transactions. a. The purchase of the paper-napkins, assuming that the purchase was initially recorded as an expense. b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $960. c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. d. At January 31 if the initial purchase had been recorded as in c. Indicate the financial statement effect. 2. Consider the effects that entries a and b would have on the following: a. Income statement for the month of January? b. Balance sheet at January 31